Ripple, Ethereum and Bitcoin: What is Really Happening in South Korea

Ripple, Ethereum and Bitcoin: What is Really Happening in South Korea

Russell Knight
|
17 January, 2018, 06:02

While the South Korean and the Chinese governments are planning to take decisive steps in monitoring and limiting trading in cryptos, the Russian government has drafted a new bill for the legalisation of cryptos trading in authorised platforms.

For example, ripple was down 26 percent, bitcoin cash was down 24 percent, iota was down 27 percent and monero was down 22 percent as of 8:51 a.m. HK/SIN. One is the recent regulatory warnings issued by South Korea. "A government-wide plan will be announced later after sufficient consultation and coordination of opinions", the Office for Government Policy Coordination said in a statement.

"Of course, the cryptocurrency investment rush is a free market trend and can not be fully stopped but the government's role is to suggest predictable legal guidelines upon which investors may make their decisions".

On Thursday, Justice Minister Park Sang-ki even said that the government is working on legislation that includes a complete shutdown of all virtual currency exchanges in the country.

South Korea's unease over cryptocurrency trading follows drastic moves taken by China, which shuttered cryptocurrency exchanges previous year and is now trying to shut operations that produce bitcoin, a process known as mining.

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In most cases, however, it was simply the vast losses they incurred as a result of extreme volatility of these currencies, Roets said. It will be possible to use their virtual accounts only for withdrawing funds.

In South Korea, shutting down cryptocurrency exchanges is still an option, Finance Minister Kim Dong Yeon said in an interview with TBS radio. "The bottom line is that, although governments need to put in place efficient regulations that prevent investors getting into hard situations, the way such regulations are drafted will largely depend on their view of cryptos as a useful financial innovation rather than a threat".

It comes as South Korea considers a ban on trading in cryptocurrency completely and implementing new regulation on the cryptocurrency market.

KB Kookmin Bank, which does not offer virtual accounts to cryptocurrency exchanges, said it will introduce a real-name system for virtual accounts, but no decision has been made on whether it would offer such accounts to cryptocurrency exchanges.

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